Brass sacks staff amidst economic pressure

Nigerian fintech company Brass has announced plans to disengage an undisclosed number of its workforce temporarily.

Sola Akindolu, the firm’s chief executive officer, disclosed on X that the decision comes after significant economic shifts affecting the company’s growth trajectory.

In his post, Akindolu said, “For almost four years since we launched, we have been building best-in-class financial products for Nigerian businesses and have, since then, extended our services to individuals and families.”

However, he acknowledged that recent economic realities have posed challenges, necessitating a temporary reshaping of the company’s workforce.

As of now, Brass has approximately 50 employees, and while the exact number facing furlough remains unspecified, Akindolu assured that affected staff would continue to receive health insurance coverage and other benefits during this period.

He added that the company remains dedicated to reinstating the furloughed employees once economic conditions allow. Akindolu emphasised the support structure in place for the impacted staff, with the company’s employee experience lead and co-founder/CTO taking charge of the process.

Brass, founded in July 2020 by Sola Akindolu and Emmanuel Okeke, has raised $2 million over the past four years. The funds were meant to help the startup’s mission of providing comprehensive financial services to small enterprises in Nigeria, addressing the prevalent payment challenges businesses face.